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Southwest Economy, Third Quarter 2022

Lorie K. Logan: New Dallas Fed President’s Observations, Outlook

As Lorie Logan assumed her new duties at the Dallas Fed, she participated in a virtual town hall, answering questions about her background and priorities for the Eleventh Federal Reserve District. This article contains excerpts from that event.

Lorie K. Logan began her tenure as the 14th president and CEO of the Federal Reserve Bank of Dallas on Aug. 22, 2022. She launched her Federal Reserve career as a financial analyst at the Federal Reserve Bank of New York in 1999.

Most recently, Logan was manager of the System Open Market Account for the Federal Open Market Committee (FOMC) and an executive vice president of the New York Fed. In that role, she managed the Federal Reserve’s securities portfolio as it grew to more than $8 trillion and led the implementation of FOMC monetary policy.

As Logan assumed her new duties at the Dallas Fed, she participated in a virtual town hall, answering questions about her background and priorities for the Eleventh Federal Reserve District. The following are excerpts from that event, edited for clarity and presented by topic:

On Lessons Handling Crises

In the Fed’s response to the pandemic, particularly in March and April 2020, I really relied upon experiences that I had working at the Fed during earlier crisis periods, including 9/11 and the financial crisis.

One of the most valuable lessons was the importance of the central bank clearly communicating that it's open for business, and that it's available to provide liquidity to financial markets. Simple communication of that role is essential for providing confidence to financial markets and economic participants. While working at the Fed on 9/11, I recall that communications were incredibly important to boosting confidence during that difficult period.

Another lesson that I've taken from my experience managing crises is the importance of innovation; no two crises are the same, and economic and financial conditions change over time.

On Moving to Texas

There were a number of things that really excited me about the opportunity to lead the Dallas Fed—the overall size and diversity of the economy in the region and its influence on the nation as a whole. This district has a very dynamic economy, and the communities that make up the district are essential contributors to the nation's economy as a whole.

Another thing that excited me was the ability to bring my experience leading large teams and implementing monetary policy and operations to the leadership position of the Dallas Fed. I want to build upon the work that we already do in serving the community as well as leverage the district in providing services to the Federal Reserve System more broadly.

On Most Urgent Task

Bringing inflation down is our most urgent task because it's causing hardships for businesses and households around the world. … As president of the Dallas Fed, and as a Fed policymaker, [I believe] our No. 1 priority has to be to restore price stability.

On the Eleventh District

I really want to learn more about what's driving the [economic] outperformance here in the district. How can we help make that economic performance more distributed and broader across stakeholders nationally and in the region? What type of information can we take from that experience to influence national policy discussions.

On Technological Change

I've focused on technological innovation in the financial sector and, in the last several years, on the way in which that innovation is changing financial services and broadening inclusion to a larger set of [people] in our country. Understanding what's driving investment and innovation and technology here in the Eleventh District will be another key area of focus for me, one that I'm excited to learn more about.

Southwest Economy is published quarterly by the Federal Reserve Bank of Dallas. The views expressed are those of the authors and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System.

Articles may be reprinted on the condition that the source is credited to the Federal Reserve Bank of Dallas.

Full publication is available online: www.dallasfed.org/research/swe/2022/swe2203.

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